SIZ10 – December Silver (Last:23.690)

A Hidden Pivot support at 22.565  is equivalent to the 1291.60 correction target that I’ve flagged in December Gold.  We  can use it as a minimum downside objective for the seven-day-old correction, but if you want to try bottom-fishing with a very tight stop-loss, I’ll suggest doing so at 22.490, a promising ‘d’ target that comes from a true one-off  ‘a’  high (see chart).  Alternatively, any countertrend rally will start to look encouraging at 23.600, a tick above a “soft” external peak on the hourly chart. ______ UPDATE (2:42 a.m. EDT): The futures are on a tear tonight, having reached a high so far of 23.710. The rally doesn’t amount to much on the hourly chart — that would take a print at 24.410 — but on the 10-minute it is bullishly impulsive.  There are no immediate rally targets I can offer that you could take to the bank, so to speak, but I’ll suggest using a so-so pivot at 23.830 as a minimum upside target for the very near-term.